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Crown stays tight lipped about reported MBO

Published: 5 August 2008
Despite yesterday's reports in the national press about a Crown management buyout, the company is refusing to confirm or deny that the company has been bought.
Crown stays tight lipped about reported MBO
Speaking to DIY Week on the day the news broke, a Crown spokesperson said, "I know there has been a lot of comment in the press over the last few days re the sale. However, Crown Paints have no comment at present."

The alleged deal is said to be worth £70m and it is understood that private equity firm Endless Investments is financing the management team, currently headed by md Howard Luft.

The brand was put up for sale by parent company Akzo Nobel as part of its deal with the European Commission, allowing it to take over Dulux ICI earlier this year. At the time, the sale of Crown was expected to generate £200m.

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